RNS Number:4660U
Magnum Power PLC
21 January 2004


FOR IMMEDIATE RELEASE                         21 January 2004


                  Magnum Power plc ("Magnum" or the "Company")
            Result of the Annual and Extraordinary General Meetings

The Board of Magnum announces that at the Annual General Meeting held on 15
January 2004, all the resolutions, set out in the Notice of Annual General
Meeting dated 11 December 2003, were passed.

The Board of Magnum also announces that, at the Extraordinary General Meeting
which followed, shareholders were advised that, as at 31 May 2003, the Company's
net assets were substantially less than half of its called up share capital.

The Board advised shareholders that the net asset position had been enhanced
following the refinancing of the Company by the current Board members and that a
new strategy, namely that of property and leisure investment and development,
was now being pursued by the Company's management with a view to restoring
shareholder value. Shareholders were advised that in pursuance of this strategy,
on 7 August 2003, the Company had announced that it had entered into an
agreement to acquire the Stack Leisure Park in Dundee for a total consideration
of #7.1m. The management expect to make an announcement as regards this
transaction shortly.


Enquiries to :     Edward Adams, Chairman                 020 7209 1324
                   Magnum Power plc

                   Roland Cornish, Chairman               020 7628 3396
                   Rod Venables
                   Beaumont Cornish Limited


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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